Investors Cheer LendingClub Q3 Results

LendingClub Corp LC reported a smaller loss than analysts estimated for the third quarter. Similarly, revenue also came in above the estimates.

• Reports adjusted loss of $0.04 a share, tops by $0.03.
• Delivers revenue of $112.6 million, beats by $9.29 million.
• Sees Q4 revenue of $116-$123 million versus analysts’ expectations of $115.24 million.
• Expects to incur a net loss of $48-$38 million in the fourth quarter.
• Secures $1.3 billion purchase program from National Bank of Canada subsidiary.

LendingClub President and CEO Scott Sanborn commented, "While we've made incredible progress, there is still work to be done. In the months ahead we are focused on increasing the diversity and resiliency of our funding mix, realigning our resources, and regaining our operating rhythm. Today's results, along with our new executive team, and the return of banks to our platform, give me confidence as we begin our planning for 2017."

The stock traded up 4.29 percent to $5.35 in pre-market trading.